New ISO 20022 norms

Switzerland's financial center introduces new standards with the aim of simplifying and standardizing the payment traffic and automate the process completely all along the value creation chain. Thus, the transfers, direct debits, notifications, and deposit slips will be adapted.

The implementation of the new standard will take place in different phases based on the defined calendar, not later than 2020. All participants in the payment traffic, banks, financial service providers, software developers, right up to the companies and end customers, are affected by this change.

SUMMARY OF CHANGES

TRANSFERS

Standardizing two existing transfers (Post, Bank)

From 2020 the IBAN will be the only bank identification to be used.

STANDING ORDERS

SEPA direct debits

National direct debits (LSV+, BDD, DD) based on adapted schemas

Probable standardization of e-invoice and standing orders.

NOTIFICATIONS

The file that contains ISR records will be replaced with a camt file (053, 054 based on availability).